News Brief

Global Financial Institutions To Support India's Green Growth With Nearly $30 Billion Financial Assistance

Swarajya Staff

Jul 08, 2023, 10:51 AM | Updated 10:51 AM IST

Green hydrogen. (Representative image)
Green hydrogen. (Representative image)

Global financial institutions including World Bank will provide financial support worth nearly 30 billion to support India's green growth.

Speaking at the valedictory session of International Conference on Green Hydrogen (ICGH-2023), Union Minister of Petroleum Hardeep Singh Puri said that there is now a global consensus that we need to make a transition to renewable energy.

“India has embarked on a new journey and requires active support and collaboration amongst all the stakeholders and with the recent launch of National Green Hydrogen Mission, the Government means business," Puri said, according to a statement from the Ministry of Petroleum.

The Petroleum Minister also informed that India is fourth in terms of installed renewable energy capacity and has achieved some of the lowest long term levelised costs for solar and wind power generation.

“We have natural advantage in producing Green Hydrogen as we have abundance of solar energy and investments in our power grid. We have the apt climate, resources, adequate production and strong supply-chain for Green Hydrogen," he said.

Speaking on the immense potential India beholds for the world in the domain of clean and renewable energy, Puri said that India is climatically blessed and with the government’s unwavering commitment for making the world a better place to live, the leading financial institutions have shown keen interest to invest in India.

“The European Investment Bank (EIB) will be our Hydrogen ally and would support for developing large scale Industry hub with a funding of 1 billion Euros. The Asian Development Bank (ADB) has recently conveyed their intent to provide $20–$25 billion over five years to aid India’s aspirations for green growth. That’s not all, The World Bank has approved $1.5 Billion in Financing to Support India’s Low-Carbon transition journey," the Petroleum Minister said.

Talking about the importance of Public and Private Players coming together for bringing the future fuel on the global platform, the Petroleum Minister informed that several review meetings at Industry level are regularly being undertaken for finding out ways to boost the hydrogen production capacity in India.

“We will ensure uptake of Green Hydrogen in refineries and City Gas Distribution (CGD) through both public sector entities and private sector and try to design new projects with maximum chances of hydrogen deployment to strategically phase out fossil fuels and aid decarbonization goals," he added.

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